Miles Jennings

@milesjennings

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1382 Followers

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Over 4 years at @a16zcrypto, I've found writing to be the best tool for exploring crypto’s complexity—from advising founders to constructing policy. It’s a discovery engine that demands clarity, consistency and transparency. Here are 10 posts I learned the most from writing:

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5 follow ups on ending crypto offshoring: 1️⃣ What about tax? 2️⃣ Aren't Public Benefit Corps and Foundations similar? 3️⃣ Is there a role for foundations going forward? 4️⃣ What about foundation-only models? 5️⃣ Don't DUNAs face the same issues as foundations? Full article: https://a16zcrypto.com/posts/article/faq-end-foundation-era-crypto/

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The end of crypto's foundation era is here. New policy (CLARITY Act), emerging structures (DUNA), and smarter tooling (BORGs) enable better systems — better incentives, accountability, and decentralization. My new post on why it’s time to move on from foundation structures: https://a16zcrypto.com/posts/article/end-foundation-era-crypto/

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For the last four years, marketing in crypto has been like putting on a straight jacket and jumping into the deep end of the pool. Those that survived have advice worth listening to. 👇

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Good explainer on MEV that highlights many of the solutions/mechanisms projects are pursuing to minimize harm. This innovation demonstrates why we should not rush to regulate MEV and should instead allow the evolutionary process to unfold transparently onchain.

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The SEC’s 2021 token safe harbor proposal introduced control-based decentralization. Today, we proposed steps to bolster it—enabling progressive decentralization while preventing get-rich-quick schemes. Key Premise: Expand market access as risks of info asymmetries decline.

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Simply defining tokens based on what they do leads to constantly shifting and recycled narratives. Defining tokens in terms of both what they do and don't do enables greater clarity.👇

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The Biden SEC's attack on crypto created perverse incentives that were detrimental to Americans. For example, it led to them being excluded from airdrops, depriving them of ownership of the internet. Today, we published a quick explainer of our airdrop safe harbor proposal👇 https://a16zcrypto.com/posts/article/airdrops-safe-legal-frequent/

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Network Tokens (BTC, ETH, SOL) vs. Company-Backed Tokens (FTT): 1️⃣ Is the system open? 2️⃣ Do network effects accrue to the system/token? 3️⃣ Can tokenholders accrue independent value? If yes, then whether it's a L1, L2, DeFi or gaming token, it's likely a network token:

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NFTs unlock incredible opportunities for creators. But regulatory uncertainty is stifling innovation and the most creative minds online. Today, we urged the SEC to bring clarity through a new safe harbor and crowdfunding regime—so creators can build without fear of regulators.

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The success of any regulatory approach for network tokens hinges on facilitating progressive decentralization—including via Airdrops and Incentive-Based Rewards. Current rules are murky and entrepreneurs need clarity. So, we submitted a safe harbor proposal to the SEC with a 5-part test:

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Today, we submitted our response to the first 6 critical questions of the SEC's recent request for information. Across 50 pages, we tackle the most significant and complex crypto issues with a simple, powerful principle that fits in a single sentence:

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https://warpcast.com/a16zcrypto/0xf54a2d88

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What’s the difference between ETH, FTT, USDC, TRUMP and $APPL? And how do those differ from airline miles or a CryptoPunk? Why does it even matter? Today, @eddy, @skominers, and I published two articles classifying tokens based on their source of value. 👇

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Crypto remains a rare bipartisan issue in DC! 🇺🇸 Senate vote just repealed the harmful IRS broker rule that threatened DeFi, with most Republicans & many Dems backing it. A big win for DeFi developers & U.S. innovation! Final votes: 70-27.

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The critical takeaway here isn't about memecoins. It's that the SEC's interpretation of Howey continues to be that an investment contract may exist based on the "economic reality" of an arrangement. The SEC's recent optimistic approach to the industry and the dismissal of many of its cases has led a lot of people to believe that "everything is legal". That's particularly true because most of the cases the SEC has been dropping/settling involved arguments by the defendants that, rather than "economic reality," Howey's investment contract analysis hinged on whether there was a formal contract. So, if the dismissals were a sign that the SEC was accepting of this "predicate contract" argument (and abandoning the "economic reality" argument), nearly every token in existence would be legal. This release confirms the SEC doesn't believe "everything is legal" and that's a good thing.

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The SEC’s decentralization framework has been corrupted and used to persecute builders —incentivizing rug pulls over value creation. It’s time to fix it. Decentralization should mean the absence of control, not the suppression of ongoing efforts. Here’s how and why👇 https://a16zcrypto.com/posts/article/defining-decentralization-control/

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Working with Brian over the last 3 years has been a highlight of my career. Among his many qualities, the strength of his integrity and his courage to lead are critical for the road ahead. The US, the administration and our industry will benefit greatly from his stewardship.

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1/ Centralized control of networks has consequence — Big Tech, Big Banks, and Big AI control public discourse, financial access, and even information. Decentralization eliminates control, but it needs to be incentivized. Here's how. 👇 https://a16zcrypto.com/posts/article/why-decentralization-matters-incentivizing-decentralization-incentives/

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With the fight for crypto’s existence subsiding, it’s time to focus on crypto's purpose: decentralization. Decentralization is at the heart of what makes crypto worthwhile. But if we don't properly incentivize and enshrine it in law, we'll lose it. Read my op-ed @coindesk ⬇️ https://t.co/Bhk2AHEQ6g

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